Business

Lagos to set up housing trust fund

Published

5 years ago

July 25, 2021

…..Proposed Workers’ Village gathers steam

By Dada Jackson

In a bid to make housing accessible to the less privileged in Lagos State,and in line with the transformation agenda of the Mr. Babajide Olusola Sanwo-Olu administration, especially in the area of housing, the Lagos State Government is working on plans to increase access to decent and quality homes for them.

This is as the state government is planning to providing houses for some of its workers to be known as Workers’ Village.

The Commissioner for Housing, Hon. Moruf Akinderu-Fatai disclosed this during a site inspection of some of the ongoing State owned Housing Schemes.

His words “Having successfully completed and commissioned 10 housing estates in the past two year, and working hard to deliver our various ongoing schemes, we are moving forward to implement strategies that will improve access to decent homes in the State”.

According to him,the State Government had completed various Housing schemes located at Igando, Lekki Phase1, Lekki Phase 2, Igbokushu, Nob Oluwa, Idale Badagry, Iponri, Igbogbo amongst others,adding that work on six others sited at Odo-Onasa/Ayandelu, Resettlement Scheme Agbowa, Sangotedo Phase1, Omole Magodo, Gbagada and Ibeshe which is being built by the Lagos State Property Development Corporation were nearing completion.

The Commissioner pointed out,that hopefully, the six schemes that are at various stages of completion in Odo Onasa-Ayandelu, Agbowa Resettlement Scheme, Sangotedo,Omole/Magodo, Gbagada and Ibeshe would soon be commissioned while others at LASU Ojo, Egan- Igando and Sangotedo Phase2 were also receiving attention towards a speedy completion.

He said that these schemes with others at Itamarun Epe and Ajara in Badagry as well as joint venture schemes would yield over 7000 homes by the third anniversary of the present Administration.

He said that the positive impact of governmental intervention is hampered by the twin issue of high cost of funding for investors and people seeking home ownership through mortgage.

The Housing Commissioner noted that the State Government was looking into the issue of accessibility of decent homes through a multidimensional approach that would reduce these financial barriers to housing.

He disclosed that the State Government is fine tuning a financial mechanism tagged Lagos Affordable Housing Development Trust Fund. This according to him is a financial product that would bring succour to both property developers and intending home owners.

Akinderu-Fatai said ‘ the Fund will reduce the challenge of

financing housing development as well as empower people particularly the low and medium income earners to access housing without undue financial stress.

He underscored the fact that the housing challenge in Lagos is complex because of the continued and uncontrollable influx of people from all over the nation. He noted that given the rate at which the population of the State is increasing, there must be proactive measures to ensure that governmental interventions result in substantial positive impacts in the lives of the people.

He also reiterated that the Lagos Affordable Housing Development Trust Fund which is being prepared in collaboration with Arctic Infrastructures is the State’s response to the need for financing products that are domesticated to solve it’s peculiar housing challenges.

He said while global financing models are attractive, they may not address the unusual problems of Lagos State.

The Commissioner pointed out that provision of mass and social housing is a key agenda of the State government but the impact can only be felt when there is a structured financing mechanism that is based on predictable population growth.

Apart from the Rent to Own scheme which gives opportunity of repayment over a period of 120 months, the State is also looking at more workable financing options that will help the informal sector.

” We have to formalize the informal sector through cooperative associations and artisans guilds so that majority of our people can take advantage of a financing product that supports instalmental payments”.

The Commissioner also said that the fund would encourage more vertical construction of homes by government and private investors to optimize the land space available in the state.

Akinderu Fatai siezed the opportunity to point out that the commitment of the State government is unequivocal and that “Lagos State would continue to work relentlessly until more Lagosians are brought on the home ownership ladder. Building more homes is our way of improving standard of living , increasing economic engagement through provision of construction jobs and also opening up our rural areas”

He said the State Government plans to construct two workers villages as part of a global plan to transform the State into a 21st century economy that is distinct and comparable to others in the world.

“In line with our passion for progress in the sector, funding is needed and assistance from our development partners will be highly appreciated.” he said

The Permanent Secretary Ministry of Housing Mr Wasiu Akewusola, said that “the uniqueness of the financing package is the fact that it will be targeted at low income earners and the informal sector and can be accessed by both construction companies and homeseekers and will be made up of contributions made by both public and private sector. The fund will also cater to training and capacity building and upgrading of artisans, development of innovative building technology, sustenable housing developments and renewable of slums. The suggested funding from government is expected to be sourced from contributions by local governments, subventions, infrastructure development charge, Housing fund surcharge and Lagos Pension fund. Private sector contributions can be in form of grants and donations from both local and international organizations. ”

In disbursing the fund, Akewusola said, “part of the financing would be used as Housing loans with repayment plan of 20years. This will channeled through micro finance banks with cooperative societies serving as intermediaries”. “Construction fund will also be granted to developers having vertical construction with sustenable energy idea, he discloses.

He noted that the idea of a Trust for the financial product is to ensure accountability, credibility and sustenablity.

Other plans that are being worked out by the State include an allocation structure that will reach the masses so that homes are not hijacked by the rich, continued maintenance of existing schemess to prevent rapid dilapidation, provision of homes for young professionals, introduction of cost saving techniques to reduce cost of building homes and increasing sustenability of future Housing schemes.

Insurance

Stanbic IBTC Insurance Wins Top Honour at CRe Africa Awards 2026

Published

13 hours ago

April 24, 2026

Trends Admin

L-R: Managing Director, Lasaco Assurance Plc, Ademoye Shobo; Managing Director, Continental Re, Dr. Fatai Lawal; Managing Director/Chief Executive Officer of Cornerstone Insurance Plc, Mr. Stephen Alangbo; Josephine Ogundeji; Group CEO of Continental Reinsurance Holdings, Lawrence Nazare; Blessing Ifechukwude; Chief Executive, Stanbic IBTC Insurance Limited, Mr Jide Orimolade; Henry Uche; Chief Underwriting Officer – Facultative, Continental Reinsurance, Bashir Akinsiku

Stanbic IBTC Insurance Wins Top Honour at CRe Africa Awards 2026

Stanbic IBTC Insurance Limited has emerged as the overall winner of the CRe Momentum Award at the inaugural CRe Insurance Awards for Africa 2026, announced during the Continental Reinsurance CEO Summit held in Kigali, Rwanda, on April 17, 2026.

The prestigious award recognises insurers that demonstrate consistent growth, strong financial performance, and strategic impact across Africa’s insurance industry. Stanbic IBTC Insurance was singled out for its disciplined execution, strong commercial results, and highly effective bancassurance model, which has significantly driven its life insurance growth.

Judges at the awards noted that the company’s bancassurance strategy—leveraging banking platforms to distribute insurance products—remains one of the most efficient on the continent. The firm’s ability to combine innovation, customer reach, and operational efficiency has positioned it as a leader in Nigeria’s insurance market.

Beyond its growth metrics, Stanbic IBTC Insurance has built a reputation for prompt claims settlement, sound risk management, and customer-focused service delivery, further strengthening trust among policyholders and stakeholders.

In the same CRe Momentum Award category, Cornerstone Insurance Plc (Nigeria) secured second place, while La Générale des Assurances (Benin) finished third, reflecting strong competition among leading African insurers.

Stanbic IBTC Insurance Wins Top Honour at CRe Africa Awards 2026

Auto

Jetour Nigeria consolidates as sole authorised distributor, gets global market award

Published

1 day ago

April 23, 2026

Trends Admin

Jetour Nigeria consolidates as sole authorised distributor, gets global market award

Jetour Nigeria has consolidated its position as the exclusive representative of the Jetour brand in the country following its 2022 appointment by Jetour International.

The company said the move to clarify its exclusive status came after its successful hosting of the “Jetour Experience” in Lagos, where it unveiled its nationwide dealership structure and addressed lingering market ambiguity over distribution rights.

Since securing the mandate in 2022, Jetour Nigeria has led the importation, distribution, and provision of manufacturer-backed after-sales services for the brand’s full vehicle range in the country.

Its growing influence recently earned global recognition at the 2026 Jetour Global Conference, where the firm received the “Market Share Leadership Award 2025,” underscoring its dominance in the African market.

To strengthen nationwide service delivery, the company operates through a network of seven authorised dealers — Elizade Nigeria Limited, New Era Autovehicle Services Limited, Kojo Motors, Germaine Auto Centre, R.T. Briscoe Plc, TAB Autos Limited, and Mandilas Motors.

These partners, according to the company, are the only entities authorised to sell and service Jetour vehicles in Nigeria.

Jetour Nigeria consolidates as sole authorised distributor, gets global market award

Railway

Rail transformation on Abuja–Kaduna route excites NIPR delegates

Published

2 days ago

April 22, 2026

Trends Admin

L-R: Chairman, NIPR Akwa Ibom State Chapter, Dr Manasseh Umortte; Lagos State Chairman, Dr Samuel Ayetutu; Vice Chairman, Cross River Chapter, Amb. Deborah Grace Awatte (representing Dr Austin Mboso); Edo State Chairman, Dr James Wisdom Abholimen; Bayelsa State Chairman, Dr. Ebowari Wariowei, and Dr Mohammed Kudu Abubakar, Fellow, NIPR and Chairman Planning Committee, World Public Relations Conference, holding at Kaduna State, inside the NRC coach…on Monday.

Rail transformation on Abuja–Kaduna route excites NIPR delegates

Members of the Nigerian Institute of Public Relations (NIPR) have applauded the ongoing transformation of Nigeria’s rail system, describing it as a clear sign of renewed confidence in public transport under the leadership of Dr. Kayode Opeifa at the Nigerian Railway Corporation (NRC).

The commendation came on Monday as hundreds of NIPR members travelled aboard the Abuja–Kaduna train to attend the Institute’s Annual General Meeting in Kaduna.

The journey itself became a moving testament to the rail sector’s resurgence, with fully booked coaches buzzing with networking, reunions and professional camaraderie.

Delegates from across the country, particularly from the southern states, converged on Abuja before boarding the train alongside their counterparts from the Federal Capital Territory.

For many, the decision to travel by rail was both practical and symbolic—a vote of confidence in the improving fortunes of the NRC.

Inside the coaches, the atmosphere was said to be lively. Old colleagues reconnected, new relationships were forged, and passengers commended the professionalism and efficiency of NRC staff.

Many described the experience as seamless and refreshing, noting that with the right leadership, public institutions can deliver quality service.

While praising the progress recorded so far, the NIPR members called on the Federal Government to deepen investment in rail infrastructure.

They stressed that sustained funding is critical, given the capital-intensive nature of railway operations, and expressed confidence that such investments would yield strong economic returns.

Among dignitaries on board were the Olumobi of Imobi-Ijesha, Oba Dr. Jacob Adetayo Haastrup; President of the Broadcasting Organisations of Nigeria, Chief Tony Akiotu; and media veteran, Dr. Mohammed Kudur Abubakar.

Oba Haastrup particularly commended President Bola Tinubu for appointing Opeifa as NRC Managing Director, noting that his performance within a year highlights the corporation’s potential as a driver of economic growth.

Lagos NIPR Chairman, Dr. Samuel Ayetutu, said the coordinated rail trip was also influenced by safety considerations and served as a deliberate endorsement of the NRC’s ongoing reforms.

He urged the government to extend rail connectivity to more parts of the country, providing Nigerians with reliable alternatives to road travel.

The NRC delegation to the conference was led by its Chief Public Relations Officer, Mr. Callistus Unyimadu, alongside the MD’s Special Assistant on Media and Communication, Mr. Yinka Aderibigbe.

The Kaduna conference, which runs until April 24, is expected to equip communication professionals with fresh insights and innovations in public relations practice.

It also serves as a precursor to the World Public Relations Conference scheduled to hold in Abuja later this year, where global stakeholders will converge to address emerging challenges in the profession.